| China's Geely confirmed to bid for Volvo cars |
| Thursday,October 29,2009 Posted: 05:06 BJT(2106 GMT) |
| From:xinhua Article type:Redistributed |
China on Wednesday approved a feasibility report on the construction of a bridge linking its economic hub Guangdong to Hong Kong and Macao, a move widely expected to improve economic efficiency in the affluent Pearl River Delta. China's Geely Automobile on Wednesday have been confirmed as preferred bidder in the ongoing discussions concerning the possible sale of Volvo Car Corporation. Ford said while it would be engaging in more detailed and focused negotiations with Geely, no final decisions have been made, reported the Swedish news agency TT. Ford believes Geely has the potential to be a responsible future owner of Volvo and to take the business forward while preserving its core values and the independence of the Swedish brand. "We have no specific timeline to conclude the discussions," a statement of Ford was quoted as saying by TT. It also pointed out that Ford would continue to cooperate with Volvo in several areas after a possible sale, Ford said it does not intend to retain a shareholding in Volvo. "Ford's objective in our discussions with Geely is to secure an agreement that is in the best interests of all the parties," Lewis Booth, executive vice president and chief financial officer of Ford Motor Company, said in the statement. "Any prospective sale would have to ensure that Volvo has the resources, including the capital investment, necessary to further strengthen the business and build its global franchise, while enabling Ford to continue to focus on and implement our core ONE Ford strategy," Booth added. "Volvo's management team welcomes today's announcement as a positive step forward," Volvo CEO Stephen Odell said. "At Volvo, we are continuing to keep our attention firmly fixed on engineering and building great Volvo cars, to reduce our cost base and to return the business to sustainable profitability at the earliest possible opportunity," he added. The decision was made in an executive meeting of the State Council, or the Cabinet, which was chaired by Premier Wen Jiabao. The meeting also adopted a blueprint to develop a southwest border ethnic autonomous region amid the country's endeavor to upgrade economic cooperation with its southeast Asian neighbors and warned of the serious challenges posed by the global epidemic of A/H1N1 flu. Hong Kong-Zhuhai-Macao Bridge The project, which is estimated to cost 72.6 billion yuan (10.63 billion U.S. dollars), will forge stronger economic and social ties between the west bank of the Pearl River and Hong Kong, said a statement issued after the meeting. The bridge, which will be built according to the six-lane expressway standard with a vehicle speed of 100 kilometers per hour, will promote the construction of a comprehensive transportation system and build a highway network in Guangdong, Hong Kong and Macao after completion. The project is expected to raise the overall competitiveness of the Pearl River Delta, maintain the lasting prosperity and stability of Hong Kong and Macao and boost coordinated social and economic development of the Pearl River region. Fight against A/H1N1 flu "severely challenged" A sharp increase in the number of A/H1N1 flu patients in parts of the country, groups of students were found infected on one campus and the arrival of the flu season made the State Council to conclude that the prevention and control of the epidemic faces serious challenges. The State Council on Wednesday ordered government departments at all levels to beef up measures to prevent large-scale outbreak of the disease and required vaccine producers to speed up their production. The State Council also underlined the necessity to prevent and control A/H1N1 flu in schools and avoid assemblies in such places. More needs to be done to promote public awareness and health authorities were urged to make public A/H1N1 flu information in a timely, open and transparent manner. So far, four people have died of A/H1N1 flu on the Chinese mainland. The latest victim was a freshman at the Beijing University of Aeronautics and Astronautics. He was tested positive for A/H1N1 flu and died Tuesday. Build Guangxi into a new "growth pole" A plan set to boost the development of a border ethnic autonomous region was adopted on Wednesday amid the country's efforts to foster a new "growth pole" by strengthening economic cooperation with its neighbors in southeast Asia. The State Council decided to expand the fields of cooperation between Guangxi Zhuang Autonomous Region and members of the Association of Southeast Asian Nations (ASEAN) and build a platform in Guangxi for regional economic cooperation. The development of Guangxi was viewed in a bigger picture. Its advancement will serve the intensified interaction between the country's east, central and western regions and consolidate ethnic unity and stability in border areas, according to the State Council's statement. Guangxi, with many of its harbors with favorable geographic condition as well as poverty-stricken villages, will be built into a modern regional base of commodities, trade and logistics, an advanced manufacturing base, agricultural base and an information exchange center. The State Council also decided to build international sea routes connecting Guangxi's ports with more regions and encourage the development of modern industries in the coastal areas. |
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